Copa Airlines announces expansion plans, today begins service to four cities and adds three destinations

Today Copa Airlines expands its Hub of the Americas in Panamá from four flight banks to six, and this week begins service to four cities: Toronto, Canada; Porto Alegre and Brasilia, Brazil; and Nassau, Bahamas.

Copa Airlines also announces service to three new destinations in December: Asuncion, Paraguay;Cucuta, Colombia; y Chicago, Illinois, for a total of seven new destinations in 2011.

Panama, Panama - June 15, 2011--Copa Airlines, a subsidiary of Copa Holdings, S.A., {NYSE: CPA} today announced expansion plans that include the addition of three new destinations in December 2011: Asuncion, Paraguay; Cucuta, Colombia; and Chicago, Illinois in the U.S. In addition, the airline is transitioning from four to six flights banks, providing passengers with greater flight options, better schedules and more frequencies, thereby bolstering the Hub of the Americas' leadership in the region.

In addition to the new destinations announced today, Copa begins service this week to Toronto, Canada; Porto Alegre and Brasilia, Brazil and Nassau, Bahamas.

The airline made the announcements at a celebration on June 13, marking Copa Airlines' five years of listing on the New York Stock Exchange, with the participation of company executives including Chairman of the Board Stanley Motta and CEO Pedro Heilbron.

"Copa Airlines is one of the most successful and fastest-growing airlines worldwide. We have a long record of steady and profitable growth, having established our position as a leader in Latin American aviation by providing the best connectivity in the region, and superior operational performance and customer service," said Pedro Heilbron, CEO. "Our success has benefitted Latin America, promoting business and stimulating tourism, creating jobs in Panama and throughout the region."

Operating from its Hub of the Americas at Tocumen International Airport in Panama City, Copa Airlines offers the most international flights and destinations within Latin America of any hub on the continent and expects to increase capacity by approximately 20 percent in 2011. By the end of 2011, Copa will serve 57 destinations in 28 countries.

The airline's expansion plans also include the delivery of 23 new aircraft in the next two years. Company estimates indicate that for every aircraft added to its fleet, approximately 100 direct jobs are created. In 2011 alone, with the delivery of 10 aircraft, the company will generate more than 1,000 jobs, including pilots, technicians, crew and administrative personnel. Copa currently is the largest private-sector employer in Panama.

Airline increases access to Latin American markets for new destinations

In December 2011, Copa Airlines will begin flights to Asuncion, Paraguay; Cucuta, Colombia; and O'Hare International Airport in Chicago, Illinois (U.S.).

Asuncion, Paraguay: Copa will offer four-times-weekly flights to Asuncion, the capital and largest city of Paraguay and the economic and cultural center of the country. The city attracts business travelers and tourists for its port and its cultural attractions. Passengers will be able to make convenient connections to Miami, Nueva York, Cancun, Havana, Guatemala, Aruba, Punta Cana and San Andres from the Hub of the Americas. With the addition of the Asuncion flight, Copa Airlines will connect all the Spanish-speaking countries in Latin America.

Cucuta, Colombia: This new flight will provide a four-times-weekly alternative for business travelers to/from Cucuta, a Colombian border city located in the northeastern part of the country. An important commercial hub between Panama, Venezuela and Colombia, Cucuta is home to the seventh-largest airport in the country. Cucuta will be Copa's ninth Colombian destination served through the Hub of the Americas and the fastest travel option to Río de Janeiro.

Chicago, U.S.: Copa Airlines' new daily flight to Chicago, one of the most important business and convention centers in the world, as well as a tourist destination, will strengthen the airline's route network in North America. The third-largest city in the U.S., Chicago will be the sixth U.S. destination for Copa. This flight will offer the fastest connections to the cities of Santiago, Chile; and Cali, BarranquillaandBogota, Colombia

Destination

Departs

Arrives

Schedule

Aircraft

Asuncion, Paraguayfour times/week

Panama Asuncion

Asuncion Panama

3:20 p.m. – 10:24 p.m. 1:27 a.m. – 6:44 a.m

737-700 737-700

Cucuta, Colombiafour times/week

Panama Cucuta

Cucuta Panama

6:54 p.m. – 8:30 p.m. 6:39 a.m. – 8:20 a.m.

E-190 E-190

Chicago (O'Hare)daily

Panama Chicago ORD

Chicago ORD Panama

6:34 p.m. – 11:06 p.m. 8:09 a.m. – 2:28 p.m

737-700 737-700

Connecting opportunities will increase

The added frequencies will boost connectivity throughout Copa's extensive route network. Copa will increase frequencies on the following routes:

Destinations from Panama

Daily flights

In 2010

as of June 2011

Lima, Peru

4

5

Orlando, Florida

2

3

Miami, Florida

3

4

Bogota, Colombia

5

6

Santiago Chile

2

3

Major Copa Airlines accomplishments in 2010

Copa Airlines transported 5.2 million passengers in the year.

Copa achieved an on-time performance of over 90 percent in 2010, measured by industry standards established by the U.S. Department of Transportation, ranking among the best in the world.

Copa announced an order for 32 new Boeing 737-800s Next Generation aircraft, which will be delivered between 2015 and 2018. Valued at approximately $2.6 billion at Boeing list prices, the order represents one of the largest commercial transactions ever between private sector companies in the United States and the Republic of Panama.